{"id":419622,"date":"2020-04-01T00:41:12","date_gmt":"2020-04-01T00:41:12","guid":{"rendered":"https:\/\/wncen.com\/?p=419622"},"modified":"2024-06-11T13:47:00","modified_gmt":"2024-06-11T13:47:00","slug":"bitcoin-dives-under-6300-after-monthly-close-whats-next-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-dives-under-6300-after-monthly-close-whats-next-market\/","title":{"rendered":"Bitcoin Just Plunged 4% After Monthly Close: What’s Next For The Market?"},"content":{"rendered":"

Since the monthly close that transpired at the turn of the month (UTC), Bitcoin<\/a> has tanked, falling 4% from the $6,500 price where it spent most of the past few hours to a low just above $6,250.<\/p>\n

The move lower began just eight minutes after the monthly candle closed, potentially suggesting that market players were intending to keep the cryptocurrency above a certain price ahead of that crucial event.\u00a0<\/a><\/p>\n

What’s Next For Bitcoin?\u00a0<\/strong><\/h2>\n
Most analysts seem to be convinced that the recent move lower is bearish for the cryptocurrency market, rather than a quick drop that will be followed by a bounce back to the mid-$6,000s.<\/p>\n
Although not a concrete prediction per se, Tyler Coates, a prominent crypto trader formerly known as “Financial Survivalism,” posted the below chart, showing that Bitcoin could head back into the $4,000s should it follow the inverse of the price action that transpired from March 12th to the 18th or so.<\/p>\n
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Equal and opposite reaction? $BTC<\/a> pic.twitter.com\/T7xHtqWdDb<\/a><\/p>\n
— Tyler Coates (@Sawcruhteez) April 1, 2020<\/a><\/p><\/blockquote>\n